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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- After four tests of the 200dma, EUR/RUB has made a turn lower with the return of local OFZ markets after extended holidays and key West-Russia security talks.
- RUB sold-off notably last week amid thin holiday markets, geopolitical uncertainty and Kazakhstan risks – brushing off firmer oil markets.
- RUB stands out among its EM peers with notably robust macro fundamentals, with most of the sell-side agreeing on its undervalued status, owing to geopolitical frictions with the West.
- Signs of dialogue and potential for compromises from either side will keep RUB supported, complimented by expectations for another +50-75bp hike from the CBR in Feb as inflation continues to overshoot expectations.
- This tight stance stands at a contrast to the relatively looser policy vs its G10 peers from the ECB – creating a divergence in EUR/RUB.
- Key supports stand at 84.6739, 83.72 (near 50 & 100dmas) & 82.5951
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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